How will the digital economy revolutionize Supply Chain and Logistics?
Technology advancements are reshaping both our personal and professional lives. When it comes to supply chain and logistics is no different: the new digital environment is transforming the way goods are shipped and delivered.
5G, the use of big data, artificial intelligence, blockchain, the internet of things (IoT) are some of the technologies that are transforming the management of supply chains. Perhaps the most important development is the march towards visibility and transparency: Major Logistics providers like Maersk, UPS and FedEx took the first step and are actively exploring blockchain, which can provide an open, transparent and immutable record of contracts, assets, transactions and payments.
TradeLens was announced August 2018, a solution developed by Maersk and IBM to apply blockchain to the world’s global supply chain. TradeLens is the result of a collaboration agreement between Maersk and IBM, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency.
Technology is also transforming the Food and Pharmaceutical industries: improved transparency, standardizations, traceability and efficiency throughout the supply chain are major benefits that early adopters and giants like Walmart and Merck are betting on.
Big promises for smarter supply chains. How is your industry getting ready for a digital smarter supply chain?
Source: World Economic Forum; IBM; TradeLens.